tv After the Bell FOX Business April 19, 2018 4:00pm-5:00pm EDT
thanks for joining us. jay jacobs, has billions under management. listen to that guy. [closing bell rings] we're tell red across big names and indexes. that does it for the "claman countdown" live from d.c. see you tomorrow from new york. david: stocks are slumping. the dow ending lower for the second straight day. closing down 81 points. we had been down nearly 200 earlier. so it improved. this is the first time we've seen back-to-back losses for the dow more than three weeks. s&p and nasdaq lower as well, snapping a three-day winning streak. hi, everybody, i'm david asman. melissa: i'm melissa francis. this is "after the bell." more on the big market movers but here is what else we're covering during this very busy hour ahead. new details coming in, justice department internal watchdog sent a criminal referral for fired fbi official andrew mccabe to the u.s. attorney's office in washington. what this means going forward.
it is a historic day in cuba, marking end of the decades-long rule of the castro brothers. we're live in havana. setting the stage for high-stakes talks, the president says he has no problem walking away from talks with north korea if kim jong-un doesn't negotiate in good faith. former deputy assistant secretary of defense peter brookes talks strategy coming up. also among our guests this hour, "wall street journal" bill mcgurn is back. texas congressman jodey arrington, and "new york post" columnist, michael goodwin. david: the market well off the lows of the day. we're getting a break from high oil prices heading into a big meeting in saudi arabia. phil flynn has details from the cme in chicago but first to nicole petallides on the floor of the new york stock exchange. nicole we are hearing report about rod rosenstein, the assistant attorney general, who essentially was saying or is rumored to have told the
president that he is not the target, that is apparently what improved the markets. still ended lower but it was much lower before. you can see a little pop up at the end of the day. it was the rosenstein news that some people say changed markets. >> we had been down lowest point, 191 points. we jumped off the lows 100 points trimming the losses after a bloomberg report that president trump is not the subject of special counsel robert mueller's probe. that helped us come off the low. i will get to apple but that shaved off 35 dow points. the dow down 1/3 of 1%, first back-to-back losses for the month of april. the nasdaq composite, look at that, that is down 57 points. apple weighing on the dow jones industrial average, down over five bucks.
some choppy iphones sales. that came under pressure. proctor & gamble, a consumer staple out with quarterly numbers. i will show you that, that group was about intel, home depot, also lower. here is what i'm talking about when i say consumer staples, all these names hit 52-week lows. philip morris, proctor & gamble, altria and clorox. last but not least, quick peek at the homebuilders on concerns about high every rates which we're expecting this year. look at d.r. horton down 4%. they're down over 3%. lennar, pulte. we had back-to-back losses but came up off the lows. back to you. melissa: nicole. thank you so much. oil taking a break ahead of a big meeting in saudi arabia. go ahead, phil, can you hear us? oh, poor phil. we love him. i'm sure he had something brilliant to say. we'll check back.
>> everybody has an interest in having level playing field, rules of the game and respect of the system so the companies know where and how they're playing. david: imf chief christine lagarde sounding a little like donald trump talking about fair trade. let's bring in today's panel. gary b. smith from the kadena group. he is in new york. fox announce -- news contributor and kevin kelly benchmark investments. like what he says about trade or dislike what he says, the fact donald trump is seth the pace. you wouldn't hear christine lagarde talk about fair trade in the past. >> no. i'm glad he is bringing something to light that is a concern for a lot of american corporations over the years. they were forced into giving their ip and how to do joint ventures over in china order to do business. there was no two-ways about it. the dialogue has changed and it
changed at imf. the world trade organization or imf they're starting to get on board, the scales are now going to a level playing field and they weren't before. they were in favor of china. david: gary, there ises are the fact that a lot of these big international groups that represent the world order, if you will, were worried about getting squeezed out. these people are worried about their jobs. they saw if they continue just talking about oh, we need free trade, free trade, without any fairness involved, then in fact they might have been squeezed out by donald trump. >> absolutely. i think donald trump is, he is a game-changer and i think you're hearing from lagarde exactly what you're alluding to. she wants to protect the territory if you will. when she talks about we want a level playing field, i think, maybe i'm being cynical, david, she is maneuvering around so they can put more rules and regulations and build more power in those old sectors. david: public sector as well as
the private. melissa. melissa: treasury secretary steve mnuchin reassuring our own liz claman that the historic gop tax cuts will be paid for by a robust economy. take a listen. >> people should really be looking at is, the gdp numbers. where are we not in any one quarter but where are we this year? are we on track to 3% or higher gdp if we hit those numbers we'll more than pay for the tax cut. melissa: gary b., is your math add up. >> who knows whether the math will add up. we saw if the past with reagan, a growing economy is the tide that will lift all the boats. that is what any administration should focus on, getting out of the way to have gdp grow as quickly as possible. you will have more than enough revenue to pay for all the entitlements. melissa: kevin, what do you think about that? mostly, but they have to rein in spending a little bit. they are a little spending crazy in washington?
>> that is a different side of the story. the issue on the spending side we'll end up paying more in interest payments out in 2023 then we are on defense which is completely absurd. going back to taxes, american consumer, and american company knows how to spend their money than the american government so we can not tax investment or capital because it will lead to further growth. because gdp will grow. we'll bring in more taxes because we know how to spend it better. melissa: gary b., lower tax rates can actually bring in more government revenue, yes? >> absolutely. they have shown almost regardless of the rate, when it is lower rate, people have less incentive to basically hide income. they end up, revenues come in just about the same percentage. david: isn't that voodoo economics? melissa: no. david: amazon, once again busting records, reporting that it has more than 100 million prime members around the globe. just to put that into context,
costco has a little more than 90 million paying members. let's bring back kevin and gary. gary, one-stop shopping from amazon from your home it is impossible to beat, right? >> it is an amazing company. when anyone asks me, what stock do you buy, i said what stock do you use every single day, or seems like every single day? it's amazon. as you well know they're going into grocery. they will be in banking. they are, you may be exaggeration taking over the world. david: unless, kevin, unless, the government gets involved. there are republicans like donald trump and there are a lot of democrats, more democrats i think than republicans who whenever they see a company succeed the way amazon is succeeding says there has to be something wrong. you can't succeed that well, get that much of the market without being a monopolist. i do fear the government will try to come in and crack this company? >> i think it is important to note back in the '90s and
2000s, same argument was said about walmart. they were too much of a gdp. e-commerce is only 10% of retail sales. they have a long way to go. what this 100 million-dollar number is signifying which they never disclosed before, they will now be a force in advertising. they're starting to go into that turf. they have amazon web services. now they have got advertising. oh, there will be over 850 million virtual assistants in the world by 20 to. alexa force to be reckoned with. if the government needs to focus on something it is focusing on an internet bill of rights and our consumer privacy. that is where they should be coming whether coming to amazon or facebook. i don't think it will be on the e tailing side but on virtual. david: somebody will find a way some day to compete with their delivery system. i think it will happen, nothing preventing that from happening. something is going to happen
there. thank you, guys. good stuff. appreciate it. melissa: at&t long-time ceo testifying in the company's antitrust trial to gain approval to american with time warner. edward lawrence outside of the u.s. district court in washington. edward? reporter: melissa, at&t ceo randall stephenson still on the stand right now. he testified this morning that they're trying to drive engagement and to do that, they need to create content. he also said they're trying to create, compete with those huge tech giants of google, amazon and facebook. randall stephenson or the department of justice in this case trying to show the merged company is so large, it can set prices, control flow of shows and create barriers for others entering the market place. at&t and time warner lawyers are saying tech giants in the future will control prices and set flow of shows. at the will have all the information about the consumer and they can target direct ads
to those consumersing stealing ad dollars. they own the platforms that those direct digital shows are on like hulu, amazon and net flips. consumer advocacy group says that may be true but -- >> actually not going to deny when you look online there are a lot of companies very powerful. you have your googles and your facebooks. obviously you can not discount that. it is still the cable companies and at&t, they control the infrastructure. they control the wireless networks. they control the pipes that those online services need to access. so they still have quite a bit of leverage. reporter: time warner's response to that simply that the dollars, the ad dollars are going to those digital products. they're saying that is the only reason that consumer cable prices are going up, to make up for that lost revenue. melissa. melissa: edward, thank you. david: new york governor, andrew cuomo, that is our governor, not to mention our
mayor, slamming trump voters while granting convicted felons the right to vote. how does that work? "new york post" columnist michael goodwin is here to tell us. melissa: another faulty plane engine causing an emergency landing. what we know for the flight bound for london. new details into the southwest tragedy. david: sources telling fox news a justice department internal watchdog has sent an internal inquire criminal inquiry to bill mcgurn has been watching the story closely. will tell us exactly what that means going forward. 'are you ok?' they always thank you for your service, which is nice because as a spouse you serve too. we're the hayles and we're usaa members for life.
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trump he is not a target in the investigation about his personal attorney, michael cohen. fox news's john roberts noting that the president is also aware he is not the target of the mueller investigation. the president's in-house counsel confirming that no firings of rosenstein, mueller or others are currently under consideration. melissa. melissa: the department of justice inspector general is recommending criminal charges for fired fbi deputy director andrew mccabe for lying to investigators. it is unclear if federal authorities will follow through with prosecuting him. here now is bill mcgurn from "the wall street journal." so this is a big deal. we've been waiting for the ig report. it came out, you said, now what? they determined he lied three times under oath, four times all together. >> once with an attorney present i believe. melissa: whoa. >> up until now, it's been president trump calling andrew mccabe a liar. melissa: right. >> and jim comey, right? melissa: leakers and liars.
>> now mr. mccabe's attorney didn't quite use the "l" word but he is pretty much saying comey is not telling the truth on this stuff. melissa: comey's side. comey said -- >> comey said the ig found him guilty of lying and there are consequences for that. melissa: if they really, the fight is unleashed and mccabe is charged, what does that mean, where do we go from there? >> i don't think we know. up to now the whole debate in washington, would donald trump's lawyer michael cohen if turn on the president if they squeezed him? now the question is will mr. mccabe turn on comey if he is indicted facing possibility of charges and jail time. melissa: it is interesting. it has to exacerbate the problem at moment they're considering all this, andrew mccabe is under all the pressure. he preemptively raised all the money, at that moment jim comey is out on a book tour really pouring fuel on the fire, right? >> right. and also we don't have the
larger ig report yet? i think it will come out first week in may? that will have a lot more detail. remember the interesting thing about this, this again doesn't come from republicans. it comes from a man that president trump labeled obama's guy, mr. horowitz, who was appointed by president obama. it comes because democrat after the election were howling jim comey violated the hatch act having last minute press conference throwing the election to trump from hillary clinton. be careful which investigation you wish for. melissa: at the same time you wrote a great article while jim comey is out on this book tour, that he is really illustrating he has a lot more in common with president trump than he cares to admit, right? >> i think, i wasn't author of that, it was editorial, a group thing but i think there is a lot, the lack of self-awareness and, look it is not just republicans or mr. trump that has issues with mr. comey. a lot of other people do. a lot of democrats believe he
cost mrs. clinton the election. a lot of people believe he is just a grandstander. neither right nor left. he writes things like, i was, realized i was only man who could salvage the integrity of the justice department-fbi? to think that maybe, but to write it, it is just odd. i think he blasts rudy giuliani for his publicity and for making the office about himself. melissa: which is what -- >> real lack of aware insist. melissa: he is coming acrosby so many so petty and political. >> right. melissa: when the fbi is not supposed to be that. trump is -- okay, that just means you're justifying your wrong actions by pointing out his wrong actions. you hear from people in the fbi who say, you know is taking, he is taking the fbi down to the level of a drama, of gossip. >> right. melissa: of this, entertainment.
>> look i think it is a bad look for an fbi director to be on stephen colbert to be pushing a memoir that has mostly personal things, talking about your family. melissa: things about your family, good point. >> just be objective and kind of dispassionate. the fbi should speak through its investigations not through this stuff. so i don't think it is a good look for any fbi director. that is what mr. comey is finding. >> probably makes this mccabe thing even more heated. >> obviously going to get very heated. melissa: appreciate it. good stuff. david: you don't remember j. edgar hoover on johnny carson? melissa: i'm laughing. david: major transition of power in cuba. a new communist taking the lead but will anything really change after the castros? working for benefits, republicans reforming food stamps getting one heck of a pubback from democrats.
>> this program, this snap program is about helping most vulnerable people in our country. these people have kids. these people are young, they are old, everything in between. they matter. they're not invisible. >> the farm bill here is deceit ful. it is un-american and it is filled with racial vicissitudes. david: other than that he loves it. a lot of fiery backlash from democrats on republican efforts to reform food stamps making able-bodied recipients work a little more for their benefits. my next guest sits on the committee that will write proposed changes hopes to get the bill passed through the house soon. here is congressman jodey
arrington. great to see you. i remember, wasn't too long ago, bill clinton, democrat president of the united states was signing a work fare bill that forced recipi little, as long as they're able-bodied recipients. democrats were onboard then. why aren't they on board today? >> you're exactly right. his very words were we need folks to not just get a welfare check, more importantly get a check for working and producing and not being dependent and stuck in the cycle of dependency and poverty that we've trapped so many of our welfare recipients in. of this is common sense. it is common decency. this is come fashionpassionate policy, not just responsible policy if you're able-bodied and adult age 18 to 59, you want to receive government assistance because you need it, you need to get out and work.
if you're not qualified, we take all the savings to plow it into training and education to -- david: sounded like a great deal but it does tell you a lot where the democratic party is now. for decades, for generations democrats were warning about dependency from too much welfare, generation after generation. way back in the 1930s, the guy pretty much invented welfare in the united states, fdr, wrote the following, i will quote it here, continued dependence on relief, welfare, reduces a spiritual and integration destructive to the national fiber. to dole out this way is to administer a narcotic a subtle destroyer of the human spirit. it is inimical to the dictates of sound policy more than that it is violation of traditions of america. who can disagree with that? i guess democrats now could.
>> i her words like heartless, shameful. i think it is shameful to have policies in place to trap people, instead of pulling them up and out to realize the greatest potential to improve their quality of life. to me this is a base being expectation i think for taxpayers, but i think it is compassionate policy. and it's a shame that i think the democrats are really just posturing and, they didn't present by the way any amendments. they didn't present any solutions. they just talked about -- david: they're posturing for the election. that is with they're doing. the fact this is a perfect time for the plan. i'm sure bill clinton would agree. this is a moment there are more jobs than there have been in my entire lifetime available. if you're an able-bodied american, it is never easy to find a job than it is now. i have to switch to another topic. nafta is being renegotiated right now. as we all know the president campaigned on a policy is against nafta particularly, but
deals like that. deals that lumped a bunch nations together in a trade deal. what can you tell us about the most recent negotiations on nafta? >> we, i think they're in the last stages of negotiating the deal in principle. i'm sure a lot of details to work out. i think they projected in early may they will have this done. i think the president was right to say, after 20 years, we need to update and modernize and get a better deal all around for our producers and manufacturers. so i'm glad he is doing it. and i think we'll end up with a the better nafta deal. it served our economy and consumers well but i think there are changes to nafta that will again improve our manufacturing base in america. david: you know what happens with these trade deals, these multinational trade deals they may be okay when they are signed but they evolve in ways that are disproportionally good or bad
for some of the signatories. the mexicans can sell a lot more stuff free of any tariffs than we can to mexico. it seems to have evolved very badly over time. am i wrong? >> no, i think you're right. i think there are other, for example, on the agriculture side. texas is the largest ag producing state in the country and we export a billion dollars of ag product to mexico. if you go into the northeast where we have dairy producers, but talk about the canada side of this, canada's protectionist policies of subsidizing their dairy producers, dumping in mexico has really hurt our dairy producers. david: needs renegotiation. >> we offered them open access to u.s. markets. yeah, it needs to be renegotiated. david: congressman, we have some breaking news. we need to leave it there. appreciate it.
president trump slamming democrats for blocking his nominations tweeting, democrats are instructing good, hone fully great people wanting to give up a big portion of their life to work for our government and hence the american people. they are slow walking all my nominations. hundreds of people. at this rate it would take nine years for all approvals. hopefully the senate will not leave washington until our ambassadors, judges, people that make government work are approved. the democrats are obstructing the process. we need these people approved for the good of our country. david: all right. melissa: so there. david: striving for denuclearization. president trump is willing to work with north korea but he has a toughing for for kim jong-un. we'll tell you what he is is saying next. melissa: startling details emerging over the fatal southwest into i. authorities continue to search for answer. we'll have details after the break. >> on right-hand side.
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at crowne plaza, we know business travel isn't just business. there's this. a bit of this. why not? your hotel should make it easy to do all the things you do. which is what we do. crowne plaza. we're all business, mostly. melissa: willing to compromise. they are willing to open negotiations with the united states. president trump clear what he expects from a potential summit with the rogue regime. >> i hope to have a very successful meeting. if we don't think it is going to be successful, mark, we won't
have it, we won't have it. if i think that it is a meeting that is not going to be fruitful, we're not going to go. if the meeting, when i'm there is not fruitful, i will respectfully leave the meeting. melissa: here now is peter brookes, senior fellow for national security affairs at the heritage foundation. peter, read the tea leaves, what are you hearing there? >> i think it is very practical. i like it. the president will be a tough negotiator. he understands the history of north korea. we've had agreements with them in the past. they left them. a lot of rhetoric we've seen, melissa, we've seen before. we've kind of seen this movie before. we'll see if this one has a different ending. that is kind of where we're at. melissa: you know it's a different manner of speaking for the president. so it makes you think he is listening to someone, that he would say, i will respectfully walk away. you know, not that it is necessarily a different tactic. that is just not the language he usually uses.
you're thinking to yourself, who is he listening to? is it pompeo? >> it is good staffing. it is certainly good staffing. it is the right thing to say. he will be a tough negotiator. i believe he will from his business acumen. he is telling north korea, he is telling the american people, telling friends and allies and other enemies he is serious about this. if they're not serious when they come to the table, it will not go anywhere. melissa: yeah. >> i think this could be a first meeting that could lead to further meetings. they haven't given themselves a lot of time, quite frankly. i worked on presidential visits in the past when i was in the bush administration. these things are six or so months in advance. this one is not given as much time. we'll see what happens. melissa: we don't have a lot of time maybe. he was left this terrible mess. everybody else had all the time in the world. they have only made it worse. one of the criticisms on the left that has been repeated again and again is that people are quote, unquote, afraid the president will go without preparation and just go off-the-cuff, which is
certainly, there is no -- right now seems like there is no evidence for that. he already said someone for an advance meeting. >> right. melissa: you can tell by the things he is saying right there. that is the result of a lot of discussion and thought with someone. what is your thoughts? >> he has gotten the north koreans to the table. we're not there yet. we'll learn next week when the north and south meet, probably thursday our time. but the president has got them to the table already so i don't those concerns. melissa: when you say they will learn a lot when they meet, what are the signs you're looking for out of there? >> we'll get a debriefing. i want to know what denuclearization means, melissa. this gets curious irand curiouser. they haven't come to the table and we've seen a lot of promises in the past. melissa: right. >> what are the demands? what is the quid pro quo for denuclearization? we'll get a sense from that from the meetings with north korea and south korea next week. we'll then formulate from there.
this is very dynamic process we're involved in right now. melissa: peter brookes, thank you. >> thank you for having me. david: perfectly timed for segment. another tweet from president trump. mike pompeo outstanding, first in his class at west point, top student in harvard law school. a success whatever he has done the we need the senate to approve mike asap. he will be a great secretary of state. still troubles in the skies. a delta engine catching fire forcing an emergency landing days after a southwest passenger was killed by an engine blowout. our own kristina partsinevelos is live in the newsroom with the very latest. hi. >> this is just another big chat about what are we doing in terms of engine inspection. that has been the big topic right now especially talking about the cfm 56 engine. that was in the southwest airplane that did come down or had to have an emergency landing just two days ago. why is this such a concern? because this cfm-56 engine
actually was in the topic or the faa actually asked them to do inspections several times and they asked for inspections to happen over a 12-month period. southwest airlines saying hey, that is not enough time. we have so many engines to go through. we have to use very specific type of investigation. it will take manpower, it will take a lot of money. we need 18 months. that has been the major issue. how long did they know, how long did this plane go uninspected? according to the ceo of southwest airlines he said they actually inspected the airplane two days ago. they didn't look at the metal where the blade broke off. shrapnel hit the plane, the window cracked. there was depressurization in the cabin. that is where you found the woman half-pulled out. she unfortunately died. it has been a tragic situation. it is not just southwest airlines. you have united airlines, delta, all of them carry the sail
engine. it is one of the most popular engines in over 7,000 boeing 737 jets all around the globe. it's a matter how they go forward with this inspection. faa says it will be mandatory next few weeks. it will be costly. the stock price closed a little lower. overall the airline industry has been fine because they have earnings coming out shortly. david: i will pay a couple bucks extra for a ticket in order to have those things checked out thank you. melissa. melissa: more cities jumping on the bandwagon against sanctuary cities. new york governor cuomo giving felons a controversial privilege. michael goodwin is here. copd makes it hard to breathe.
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justice inspector general's recommendation of criminal charges, quote, we are advised of the referral within the past few weeks, although we believed the referral is unjustified. the standard for an ig referral is very low. we have already met with staff members from the u.s. attorney's office. we are confident that unless there is inappropriate pressure from high levels of the administration, the u.s. attorney's office will conclude that it should decline to prosecute. hmmm. david: interesting stuff. meanwhile the anti-sanctuary movement is spreading across california. san diego county is now joining the federal lawsuit against the state's sanctuary laws. president trump tweeting out, thank you, san diego county, for defending the rule of law and supporting our lawsuit against california's illegal and unconstitutional sanctuary policies. california's dangerous policies release violent criminals back into our communities, putting all americans at risk. here now michael goodwin, "new york post" columnist and fox news contributor.
what interests me about this, michael. i'm interested in the sanctuary movement all over the u.s., but it is, i'm wondering if california sort of uber liberal experimentation is finally failing? whether they have gone too far for california voters? >> one of the things that is going on in california, david. there is a separate secession movement. some californians want to secede from the united states. others in california want to secede from california. david: exactly. >> this is part of that in a way. the sanctuary is one of the litmus tests how you feel about the politics. david: touching people's living standards. it is touching that are pocketbook. you have crazy high-speed rail lines were pies in the sky but costing billions and billions of cost overruns. they will never get built. you have all these experiments that are failing. >> you have the judge ruling that coffee has to carry a warning now, right? you have these homeless
encampments in cities allowed to build and expand and expand. david: san francisco, i'm not making this up, they have maps for tourists so though you spots where people can defecate on streets so you can go around them before you run into them that is crazy. >> this will cut down on foot traffic. david: not just the west coast. new york has its own uber liberals as well. in fact our own governor, mr. cuomo is part of that scene. he spoke out about people that may have voted for trump up in in new york. take a listen. >> i don't believe anybody ran into the voting booth saying i can't wait to vote for mr. trump. boy, i feel good about this. david: no trump voters, he signs an executive order allowing 35,000 convicted felons to vote. so it is okay for the felons to vote. not okay to vote for trump. >> he signed that executive
order sitting beside al sharpton, to immediately praised him. i think we have a presidential candidate here. which of course is the whole point. now andrew cuomo has a candidate primary opponent, cynthia nixon one of the stars from "sex & the city." she is running against him. she is running to the left. everything he is doing veering to the left to fend off this challenge, a significant challenge in new york state. david: part of what he is doing raising taxes to a point where he has this millionaire tax. that was supposed to be temporary. don't believe, there is never a temporary tax. once somebody says it is a temporary tax, don't believe him. reach for your wallet. a lot of millionaires are leaving the state. a lot of rich people who pay majority of taxes, largest share of income tax are leaving. that will hurt new york. >> new york has lost something like 14 congressional seats over the last few decades. it continued to decline as the population basically holds flat.
so much outmigration of the taxpayers. and you have a fair number of poor people moving into the state, particularly the city. david: so there is space, there is clearly space for a rudy giuliani type of republican to come in and maybe fill a vacuum that i think exists. a lot of new yorkers i run into, of course a lot of them are like me, but the point, a lot of them say we veered far too far in the left. we need somebody in the middle. >> anecdotally makes sense, when it comes to who votes, new york becoming increasingly blue. the last statewide elected fish in new york, who was republican, george pataki run in 2002. since then all the senators, all the statewide officials, governor, lieutenant governors, comptroller, attorney general, they're all democrats. and in new york city being the same way. new york voters, about every 20 years bring in a republican to clean up the democratic mess.
then they go back to the democrats. david: right, right. i think we're ready for a little veer to the right. michael, good to see you. thank you very much. michael goodwin. melissa? melissa: historic change in leadership. for the first time in more than half a century, cuba has a president not named castro. a live report from havana next. you still thinking about opening your own shop? every day. i think there are some ways to help keep you on track. and closer to home. i'm all ears. how did edward jones grow to a trillion dollars in assets under care? thanks. by thinking about your goals as much as you do.
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brothers in cuba. raul castro steps down as leader of island nation. the assembly elected a few president, miguel diaz-cannel? here from havana, cuba with the latest, fox news correspondent steve harrigan. reporter: melissa, symbolically certainly a major change of 60 years someone named castro at helm as prime minister or president. 50 years of fidel and, 10 years of raul. a shift from one generation to another. raul castro, 86 years old and new president today, who started his job just this morning, just 57 years old. so a shift there as well. this was carefully-staged, managed affair. it really seemed to take a page from the old soviet union. in the national assembly, all the members on their feet clapping in unison. of the 604 votes cast, 603 were
for the single candidate who was nominated for president. that is a winning percentage of 99.8%. as far as change goes, what the new president is promise something continuity. that is the word we really hear over and over again. basically, nothing is going to change. and that is something strangely enough that both sides seemed to agree on, supporters of the regime, especially here in cuba and some of its most bitter opponents, especially lawmakers in florida some who said this is no change at all this is really smoke and mirrors, not an election. as far as the new president himself, the former electrical engineer, he has basically been a communist bureaucrat for three decades, rising steadily in the ranks, never standing out in particular, keeping his nose down, rising becoming a right-hand man to raul castro. as far as potential for major reformer, that doesn't seem to be in the cards. he is is on record in released tapes someone for censorship of
the internet when it criticizes the government. someone who opposes creation of small private businesses, something that began to open up under raul castro. to see him as someone who will rock the boat here, doesn't seem like in the short term that is going to happen. melissa, back to you. >> so much for that. steve, thank you. david: i have a sister-in-law who spent time in cuba for medical reasons of the she actually went to a dinner once with raul castro. all the silverware was not only silver, but was also lined with gold. all of the glasses were these fancy krystal from switzerland. the food was extraordinary. everybody drinking french wine. $100 a bottle. my sister-in-law stood up, mr. castro i can't help but feeling guilty 90% of the people are poor and we're heating like this and i'm told you eat like this every night. she was never invited back. melissa: she is still alive.
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she went to town. david: did anyone actually eat that? melissa: not that one but what they made was delicious. david: these are your lessons from the prairie right? melissa: they are my book is available in paperback, new material check it out. david: no menus though? melissa: well that does it for us here is risk & rewards. liz: we got breaking news the markets rebounding sharply off session lows on reports that deputy attorney general rod rosenstein told president trump that he is not a target in the mueller investigation. rosenstein reportedly told the president that last week according to a report from bloomberg but now the debate is firing up in d.c. will the president sit down with robert mueller and there is even more dramatic stuff coming it's a jam packed hour ahead, politic s, money we got you covered i'm elizabeth macdonald this is risk & reward, whip saw action on the markets moving on this breaking news the dow recovering about a hundred points before closing the day down 83 points on this report from bloomberg